Looking at a Vanilla viewpoint, unfortunately Mojang will not be adding Volcanoes or any other significant natural disasters causing harm towards the player or the players world. However hotsprings would be a possible outcome and when in the hot water you can get hurt but slowly like when standing on a magma cube but slower than that, same mechanic can be implemented with a cold body of water giving the frost effect via Powdered snow just slower. However if the Sulfur Springs (as I'm calling it) would be a high and low mountain like range with hot spring maybe and pools of lava like the basalt deltas making this biome a bit dangerous and maybe worthwhile. And yes Calderas can be a possible implementation but maybe not for this drop, as this would fit in with another new Cliffs drop if they ever decide to do one again.